Eurozone Trade Data Delivers EUR Support ahead of U.S Stats

Economic data was on the busier side this morning, with French inflation and Eurozone trade data in focus.

In June, the Eurozone’s trade surplus widened from €7.5bn to €18.1bn. Economists had forecast a widening to €18.2bn.

According to Eurostat,

• Euro area goods exports to the rest of the world rose by 23.8% to €209.9bn compared with June 2020.
• Imports from the rest of the world increased by 28.2% to €191.8bn.
• In January to June 2021, intra-euro area trade rose by 20.3% when compared with January to June 2020.
• Euro area goods exports increased by 15.5% in January-June 2021, when compared with January-June 2020. Imports rose by 15.2%.

Inflation figures from France had a muted impact on the majors, however. In July, France’s annual rate of inflation softened from 1.5% to 1.2%, which was in line with prelim figures.

Market Impact

Ahead of today’s trade data, the EUR had fallen to a pre-stat and current day low $1.17297 before rising to a pre-stat and current day high $1.17430.

In response to today’s stats, the EUR rose to a post-stat high $1.17426 before falling to a post-stat low $1.17409.

At the time of writing, the EUR was up by 0.10% to $1.17417.

Next Up

From the U.S, prelim consumer sentiment figures for August will be in focus late in the European session.